Mahindra Satyam may end up paying a huge fee for restatement of its book of accounts that were allegedly fudged by its former Chairman Mr B. Ramalinga Raju. Indications are that the Hyderabad-based company will shell out close to Rs 60 crore by September when the accounts are expected to be restated.
The service providers are required to issue Permanent Account Number Cards within 15 calendar days for fresh applicant and within 20 calendar days for reprint/ correction, excluding the time taken by the department and the applicant. The weighted average number of days for issue of Permanent Account Number Card is much less than 15 days.
Values and morals if practised only within profession may bring in dangerous consequences. The virtues of our values, morals, ethics and skills need to spill over to the society at large, to the entire nation and to the whole world. We as professionals cannot be mute spectators to the ills plaguing the world but instead be responsive and responsible global citizens.
Service Tax Circular No.125/7/2010 – ST In the recent past, instances have come to the notice of the Board, where field formations have demanded service tax from State governments or their departments/ agencies, for providing certain services under the centrally sponsored schemes (CSS).
India has not agreed to a “one size fits all” solution in the European Union Plan of taxing banks and has emphasized that such a tax is not appropriate for India, even though it may be appropriate for other countries e.g. in some European countries.
Market regulator the Securities and Exchanges Board of India (Sebi) today allowed exchanges to introduce currency options on US dollar pairing with rupee, a development that provides another alternative to corporates for hedging against currency fluctuations.
FIMMDA was requested by RBI to set up a reporting platform to capture all OTC transactions in CDs and CPs, pursuant to a decision to introduce a reporting platform for all secondary market transactions in CDs and CPs.
The Pune Income-Tax office has made elaborate arrangements to reduce inconvenience of tax payers whose last date of filing of return is July 31. As part of this, a ‘return mela’ has been launched on the campus of Income-Tax Lane on Karve Road.
Many Taxpayers had a tough time getting a refund of the tax deducted against his fixed deposits with public sector banks, as the tax deduction at source (TDS) certificates issued to them by the banks did not mention there permanent account number (PAN). Depositors of banks and post offices — especially pensioners — are put to a lot of trouble at the time of filing tax returns and claiming refunds, as these organisations often issue incomplete or incorrect certificates.
The Income Tax (IT) department in Hyderabad is sitting on a huge pile of cash that it should have returned long ago to those whom the money legitimately belongs: the tax payers. But hiding behind technicalities the department has not bothered to return the money which runs into a whopping Rs 1000 crore.
